Crypto Rally Intensifies as Bitcoin Nears All-Time High Ahead of Fed Meeting

Crypto markets surged on Monday as traders shifted focus from geopolitical risks to major institutional developments. Bitcoin (BTC) climbed 3.1% over 24 hours to trade around $108,600, just shy of its all-time high. The CoinDesk 20 index of top tokens advanced 4.3%, led by 6–7% gains in XRP and Chainlink, while most altcoins rallied at least 3%.

Traditional markets echoed the risk-on mood, with the S&P 500 up 0.9% and the Nasdaq rising 1.4%, while gold eased 1.5%. Crypto stocks also outperformed: Coinbase (COIN) jumped 7.7% and Circle (CRCL) 13%, and bitcoin miners Bitdeer and Hut 8 gained 6.9% and 5.6%, respectively. Notably, MicroStrategy (MSTR) dipped 0.2% even as rival treasury firm Metaplanet soared 25% on the Tokyo exchange.

Fueling the rally, JPMorgan filed a trademark for a digital-asset platform offering trading, exchange, payment, and issuance services, and Purpose Investments announced a spot XRP ETF launch in Canada. These institutional moves have bolstered market confidence.

Despite altcoins’ recent strength, analysts warn a true “alt season” remains unlikely without sustained bitcoin momentum. Nansen’s Nicolai Søndergaard noted that bitcoin’s performance typically triggers broader token gains, and short-lived DeFi bursts haven’t translated into long-term rallies. Bitfinex research highlighted a capitulation-style sell-off last week that often marks local bottoms; if BTC holds the $102,000–$103,000 support zone, a more durable recovery could follow.

All eyes now turn to the Federal Reserve’s June meeting and Chair Jerome Powell’s press conference. CME FedWatch shows markets overwhelmingly expect stable rates this week and in July. Traders will parse Powell’s tone for hints on inflation and labor-market policy. According to Swissblock, “Powell’s tone, not the rate decision, will drive volatility,” suggesting significant swings in crypto, commodities, and equities.

This crypto rally underscores the interplay between institutional adoption, market sentiment, and macroeconomic policy as Bitcoin nears a new milestone.